Massachusetts Median Home Prices Remain High as Number of Homes for Sale Reach Lowest Level for August since 2004

WALTHAM, Mass. – October 3, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for both single-family homes and condominiums were down over two percent in August compared to last year. The median price for single-family homes rose over five percent, while condo prices stayed flat. Inventory reached the lowest level for the month of August since MAR began recording the data in 2004.

August Closed Sales:

Single-Family

August 2017

August 2016

%Change

Sales

6,144

6,281

-2.2%

Median Price

$398,125

$378,750

+5.1%

Closed sales have been down or flat eight out of the last 12 months

Median prices have been up or flat for 20 out of the last 21 months

Condominium

August 2017

August 2016

%Change

Sales

2,315

2,368

-2.2%

Median Price

$345,000

$345,000

0.0%

Closed sales have been down or flat for eight out of the last 12 months

Median prices have been up or flat for 20 out of the last 21 months

“The record prices and inventory shortages this year are catching up to buyers as they have trouble finding homes for their budgets,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The winter market may suffer if we don’t see some of these pressures eased for potential buyers.”

Inventory and Days on Market:

Single-Family

August 2017

August 2016

%Change

Inventory

13,649

18,751

-27.2%

Months of Supply

2.9

4.0

-27.5%

Days on Market

53

75

-29.3%

New Listings

6,432

6,213

+3.5%

66th time in the last 67 months of year-over-year inventory decreases

Lowest number of homes for sale in the month of August

New listings added to the market have been up for three out of the last 12 months

Condominium

August 2017

August 2016

%Change

Inventory

6,144

6,281

-2.2%

Months of Supply

2.9

4.0

-27.5%

Days on Market

53

75

-29.3%

New Listings

6,432

6,213

+3.5%

Inventory down for 20 out of the last 21 months

Lowest number of homes for sale in the month of August

“The good news is that new listings have been up for the second month in a row,” said Yorkis. “Much more needs to be done to solve our inventory problem, but this is a step in the right direction.”

About the Massachusetts Association of Realtors®: Organized in 1924, the Massachusetts Association of Realtors® is a professional trade organization with more than 24,000 members. The term Realtor® is registered as the exclusive designation of members of the National Association of Realtors® who subscribe to a strict code of ethics and enjoy continuing education programs.

Recent

Kurt Thompson, Templeton resident and Realtor® with Keller Williams Realty - North Central in Leominster, was installed on December 7, 2017 as Treasurer of the 24,000-member Massachusetts Association of Realtors® (MAR) for 2018. The event took place at Hotel 1620 in Plymouth, Mass. and included the installation of the MAR Board of Directors and Executive Committee. Thompson’s term officially begins on January 1, 2018.

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